China now biggest auction market for art

China has overtaken the United States as the biggest auction market for art and collectable objects, after its sales more than doubled in just one year. A report for the CVV (the French Auction Market Authority) said sales in China, including Hong Kong, grew 137 percent in 2010 to 10.8 billion dollars. China now holds 34.3 percent of global market share, compared to 24.2 percent in 2009, said the authority, a public body that regulates the auction industry in France. “China took third place from France in 2004″ and moved into second place in 2009, overtaking Britain, said Pierre Capelle of the Noeo Conseil management consultancy in Paris, which compiled the report. The findings concentrate on “art and collectable objects”, a field that is wider than “fine art” which comprises paintings, sculptures, drawings, engravings and photographs. Artprice, a French specialist in the ...